ETF Research Center

Vanguard Long-Term Corporate Bond ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Barclays US Long Corporate Bond Index.

FUND BASICS
Category	Corporate
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Nov 19, 2009
Assets (mns)	$14,012
Currency	USD
Expense ratio	4 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2778
No of distinct issuers	762
Inflation protected	0%
Variable/Fixed coupon	-4% /104%
Non-standard maturity (callable, etc.)	73%

TOP TEN HOLDINGS
TOTAL	2.8 %
0.0% //	0.4 %
0.0% //	0.4 %
0.0% //	0.3 %
0.0% //	0.3 %
0.0% //	0.3 %
0.0% //	0.2 %
0.0% //	0.2 %
0.0% //	0.2 %
0.0% //	0.2 %
0.0% //	0.2 %

TOP ISSUERS
AT&T INC.	2.1%
COMCAST CORPORATION	1.8%
VERIZON COMMUNICATIONS INC.	1.5%
UNITEDHEALTH GROUP INCORPORATED	1.4%
ORACLE CORPORATION	1.3%

TOP COUNTRY EXPOSURE
	UNITED STATES	97.6 %
	CANADA	2.6 %
	NETHERLANDS	1.1 %
	BRITAIN	1.1 %
	UNITED KINGDOM	1.0 %

HISTORICAL RETURNS info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.4%	1.9%	-2.7%	2.3%	4.4%

Market Correlations
versus...	Beta	R-squared
Barclays Agg. Bond	2.11	94%
S&P500	0.70	55%
MSCI EAFE	0.77	70%
MSCI Emg. Mkts.	0.71	60%

Technical Indicators
Recent close	$75.20
30d moving avg.	$73.81
Annualized volatility	15.9%
Short interest (ETF)	3.8%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	2,737
Avg. daily value traded (mns)	$206
Turnover	1.4%
Bid/Ask (% of price)	0.03

Distributions

Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)

Macaulay Duration

VCLT	13.4 yrs	Category Avg.*	4.7 yrs

Modified Duration

VCLT	13.1%	Category Avg.*	4.5%

RATE SENSITIVITY ANALYSIS
Change in YTM	New YTM	Est. Price Change	Est. New Price
+300 bp	8.93%	-30.3%	$52.45
+200 bp	7.93%	-22.2%	$58.53
+150 bp	7.43%	-17.4%	$62.13
+100 bp	6.93%	-12.1%	$66.11
+75 bp	6.68%	-9.3%	$68.24
+50 bp	6.43%	-6.3%	$70.47
+25 bp	6.18%	-3.2%	$72.79
0 bp	5.93%	0%	$75.20
-25 bp	5.68%	3.3%	$77.71
-50 bp	5.43%	6.8%	$80.31
-75 bp	5.18%	10.4%	$83.00
-100 bp	4.93%	14.1%	$85.79
-150 bp	4.43%	21.9%	$91.65
-200 bp	3.93%	30.2%	$97.89
-300 bp	2.93%	48.3%	$111.48

*Fund Category: CORPORATE

ALTAR Score™

Calculation of ALTAR Score™
Adj. Yield to Maturity	593	bp
Less: Annual "default factor"	20	bp
Less: Expense ratio	4	bp
Equals: ALTAR Score	5.69	%

Average ALTAR Score™ by Category
Aggregate	3.1%
Corporate	4.0%
Emerging Market	5.8%
Government	7.0%
Inflation Protected	2.4%
Mortgage	5.0%
Municipals	3.5%

Note: The Vanguard Long-Term Corporate Bond ETF is classified as a Corporate* fund.